The British Pound Makes A Recovery

• 9 May 2018

GBP/JPY

GBP/JPY is testing the 147.93 price level after a sell-off had the pair testing this previous support level. A series of doji candles indicate indecision in the market and momentum indicators are mixed. Buying activity has been rising and RSI is pulling away from oversold conditions.

GBP/CAD

The GBP/CAD pair has recovered from an oversold position and is moving towards the 1.757 price level. RSI has moved away from oversold conditions and MACD is beginning a momentum reversal. A break of the 1.757 price level would provide weight to the uptrend.

GBP/AUD

The GBP/AUD pair is testing the 1.820 price level with strong bullish momentum as supported with RSI and its sharp upward trajectory. If the current candle closes above the 1.820 price level then the next target for buyers will be the 1.842 price level.

EUR/GBP

Sentiment towards the Euro has turned more bearish in recent trading, as the EUR/GBP has broken the 0.878 price level and the 20 period EMA to the downside. The pair is however, approaching a bullish trendline from which the pair has resumed the longer term uptrend after each time price action has hit this level. MACD has broken the zero line to the upside and RSI has stalled on a previous downward trajectory.